消费者导向场景下私人飞机需求稳健增长 通用航空涵盖除军事和定期商业航班之外的所有航空活动，包括私人飞行和专业航空。全球私人飞机市 场在交付量和价值方面均实现了稳健增长，平均销售价格也呈现上升趋势。全球私人飞机交付量的持续 增长，一方面得益于高净值人群（HNWIs）和飞行学员数量的扩张，另一方面也受到持续基础设施建 设的推动。该行业的集中度相当高，西锐尤其在活塞式飞机领域占据领先地位。其两大主要机型系列的 市场份额均呈现上升趋势。西锐凭借行业领先的安全性能和全面"产品+服务"生态系统实现差异化。 西锐的产品线，从SR2X系列到Vision Jet，满足了多样化的市场需求，其中SR系列定位于高端活塞式飞 机市场，而Vision Jet则作为涡轮式飞机类别中的高性价比选择。公司的竞争优势源于其开创性的安全功 能，包括挽救生命的"整机降落伞系统（CAPS）"和革命性的"安全返航紧急自动着陆系统（Safe Return Emergency Autoland）"。关键在于，西锐已超越传统制造业务，发展成为提供全面"产品+服务"生态系 统的企业，涵盖飞行培训、飞机管理和融资等服务。这种高客户留存模式创造了经常性收入并增强了 ...

智通财经APP获悉，华福国际发布研报称，预计西锐(02507)飞机在2025年至2027年期间的收入将分别达 到14.26/16.54/19.28亿美元，净利润分别为1.62/1.99/2.42亿美元。基于贴现现金流（DCF）估值模型， 该行首次覆盖并给予"优于大市"评级，目标价为11.12美元（对应港币86.72元）。 西锐的产品线，从SR2X系列到Vision Jet，满足了多样化的市场需求，其中SR系列定位于高端活塞式飞 机市场，而Vision Jet则作为涡轮式飞机类别中的高性价比选择。公司的竞争优势源于其开创性的安全功 能，包括挽救生命的"整机降落伞系统（CAPS）"和革命性的"安全返航紧急自动着陆系统（Safe Return Emergency Autoland）"。关键在于，西锐已超越传统制造业务，发展成为提供全面"产品+服务"生态系 统的企业，涵盖飞行培训、飞机管理和融资等服务。这种高客户留存模式创造了经常性收入并增强了品 牌忠诚度，同时带来了高复购率和强大的定价权。 风险提示：原材料价格波动；供应链中断；市场竞争加剧；客户需求变化；政策变化。 自1984年成立以来，西锐飞机彻底革新了个人航空 ...

Core Viewpoint - The report from CICC indicates an upward revision of net profit forecasts for 2025 and 2026 by 8.8% and 11.1% to $151 million and $177 million respectively, driven by delivery pace and product upgrades [1] Financial Performance - In 1H25, the company achieved revenue of $594 million, a year-over-year increase of 24.9%, and net profit of $64.97 million, up 82.45% year-over-year, significantly exceeding market expectations [2] - The profit growth is attributed to an increase in the delivery proportion of next-generation products and significant price increases, alongside growth in service business [2] Business Growth and Orders - The aircraft manufacturing segment generated revenue of $498 million in 1H25, a 25.2% year-over-year increase, accounting for 83.8% of total revenue; the service segment generated $9.6 million, up 24.1% year-over-year, making up 16.2% of total revenue [3] - The delivery volume in 1H25 increased by 22% to 350 units, including 305 SR2X series aircraft and 43 Vision Jets, with Q1 and Q2 deliveries at 150 and 200 units respectively [3] - As of June 30, 2025, the company has a backlog of 1,056 orders, including 827 SR2X series and 229 Vision Jets, ensuring production capacity for approximately 1.5 years [3] Pricing and Profitability - The average delivery price for the SR2X increased from $1.04 million to $1.14 million, a 9.6% year-over-year rise; the Vision Jet price rose from $3.33 million to $3.48 million, a 4.5% increase [4] - The gross margin and net margin for 1H25 improved by 1.8 percentage points and 3.4 percentage points to 36.2% and 10.9% respectively, driven by a higher proportion of high-value new generation products [4] Service Ecosystem and Capacity Expansion - The company has sold products to customers in 55 countries and established authorized service centers in 32 countries, enhancing ecosystem stickiness [5] - A planned investment of $13 million will expand the Grand Forks manufacturing facility from 165,000 to 195,000 square feet to meet strong downstream demand [5] - The company is positioned for long-term growth as a leader in the global private jet market, with ongoing development in both aircraft manufacturing and service sectors [5]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, indicating a robust demand for its aircraft and services [1][2]. Financial Performance - Total revenue for the first half of 2025 reached $594 million (or 4.256 billion RMB), a year-on-year increase of 25.1% [1] - Net profit was $65 million (or 465 million RMB), reflecting a year-on-year growth of 82.5%, with adjusted profit also at $65 million, up 72.5% [1] - Gross margin improved to 36.2%, an increase of 1.8 percentage points year-on-year, while adjusted net margin rose to 10.9%, up 3 percentage points [1] Delivery and Production - The company delivered a total of 350 aircraft in the first half of 2025, a 22% increase compared to the previous year, with 305 units of the SR series (up 25%) and 45 units of the Vision Jet (up 5%) [1] - Production for the first half of 2025 was 411 aircraft, surpassing the 330 units produced in the same period of 2024 [1] - As of June 30, 2025, the company had a backlog of 1,056 aircraft orders, including approximately 229 Vision Jet orders [1] Pricing and Revenue Streams - The average selling price for the SR2X aircraft increased to $1.14 million, a 9.6% rise year-on-year, while the Vision Jet's average price reached $3.48 million, up 4.5% [1] - Revenue from services and other income grew to $96.2 million, a 24% increase, driven by the JetStream program and expansion of flight training services [1] Market Position and Valuation - The company is recognized as a leader in the general aviation aircraft manufacturing sector, particularly in the private jet market, focusing on consumer safety and convenience [2] - The company has a high-end manufacturing model with significant barriers to entry, and it has been increasing prices for its aircraft, with the SR2X series up 26% and Vision Jet up 24% from 2021 to 2024 [2] - The company is expected to achieve net profits of 1.15 billion, 1.33 billion, and 1.54 billion RMB for 2025-2027, corresponding to a PE ratio of 16.5, 14.3, and 12.3 times [3] Investment Recommendation - The target market capitalization is estimated at 23.1 billion RMB (or 25.3 billion HKD), with a target price of 69.11 HKD, indicating a potential upside of 22% from the current price [3]

Investment Rating - The report maintains an "Outperform" rating for Cirrus Aircraft (2507 HK) with a target price of HK$60.00, indicating expected relative performance above the market benchmark [2][15]. Core Insights - The company's performance significantly exceeded expectations, demonstrating robust profitability with a total revenue of USD 594 million in 1H2025, a year-on-year increase of 25.1%. Net profit reached USD 64.97 million, up 82.5% year-on-year, and the gross profit margin improved to 36.2% [3][12]. - Aircraft deliveries and service revenue are key growth drivers, with 350 aircraft delivered in 1H2025, a notable increase from 287 in the same period of 2024. The average selling price of SR2X aircraft rose to USD 1.14 million, reflecting a 9.6% year-on-year increase [4][13]. - The company has a strong order backlog of 1,056 aircraft as of June 30, 2025, indicating continued strong market demand and a deepened global presence across 36 countries [4][14]. Financial Summary - Revenue projections for 2025-2027 are USD 1.394 billion, USD 1.634 billion, and USD 1.904 billion, with corresponding net profits of USD 141 million, USD 176 million, and USD 206 million [5][15]. - The adjusted EBITDA margin for 1H2025 was 17.1%, up 3.7 percentage points year-on-year, highlighting improvements in cost control and operational efficiency [3][12].

Core Insights - In the first half of 2025, Cirrus (02507) achieved robust growth in key financial metrics, with adjusted net profit increasing by 72% to approximately $65 million and revenue rising by 25% to about $594.5 million [1][4][5] - The growth was primarily driven by an increase in aircraft deliveries, improved product pricing, and the ongoing expansion of Cirrus's service business [1] - The operating profit margin reached 14.1%, reflecting a year-on-year increase of 430 basis points, positioning the company among industry leaders [1] Financial Overview - Adjusted net profit: $65 million, up 72% year-on-year [4][7] - Revenue: $594.5 million, up 25% year-on-year [4][5] - Aircraft deliveries: 350 units, up 22% [4] - Operating profit: $84.1 million, up 80% [7] - Operating profit margin: 14.1% [7] Product Launch and Innovations - In May 2025, Cirrus launched the new SR Series G7+ aircraft, featuring the Garmin® Safe Return™ emergency autoland system, the first of its kind approved by the FAA for single-engine piston aircraft [1][9] - The SR Series G7+ includes additional features such as automatic database updates supported by the Cirrus IQ PRO™ system, runway occupancy awareness system, and intelligent pitot tube heating system [9] Strategic Focus - Cirrus will continue to execute its strategic plan, focusing on new product development, service ecosystem enhancement, efficient supply chain construction, global market expansion, and optimization of flight training systems [2][18] - The company aims to maintain its industry-leading position through ongoing product upgrades and the introduction of new technologies and designs [18][19] Market Position - The SR2X series has maintained its status as the best-selling single-engine piston aircraft for 23 consecutive years, with 630 units delivered in 2024 [11] - The Vision Jet achieved a record delivery of 101 units in 2024, marking its seventh consecutive year as the best-selling jet in the general aviation sector [13]

Group 1 - As of July 30, the stock price of Cirrus Aircraft (02507.HK) closed at HKD 50.500, marking a 2.02% increase from the previous trading day, with an intraday high of HKD 51.300, reaching a nearly one-year high [1] - The company experienced a net inflow of HKD 37.5259 million on that day, with no specific data on the inflow and outflow amounts [1] - Cirrus Aircraft is a pioneer in the private aviation industry and a global market leader, known for designing, developing, manufacturing, and selling high-quality aircraft recognized for safety, technology, connectivity, performance, and comfort [1] Group 2 - The company's two aircraft product lines, the SR2X series and the Vision Jet, have established industry standards for personal aircraft, with certifications and validations in over 60 countries [1] - The SR2X series has been the best-selling single-engine piston aircraft for the past 22 years, according to the General Aviation Manufacturers Association [1] - Since its first delivery in 2016, the Vision Jet has become the best-selling jet under USD 7 million for six consecutive years, allowing owners to fly at jet speeds without the need for a dedicated pilot or flight department support [1] Group 3 - Cirrus Aircraft aims to provide a unique "Cirrus Life Experience" for its customers through its products and a wide range of related services, including maintenance, upgrades, training, and community activities [1]